Before open banking made automated payments genuinely simple, the closest thing available for managing recurring family loan repayments was a direct debit authority, and anyone who has set one up knows exactly how clunky that process could be.

The old way was slow and expensive

Setting up a traditional direct debit authority typically meant working through manual paper forms, and waiting, often around three days, just to get the authority in place. If a payment ever defaulted, the fees involved could be significant. None of this was designed with family lending in mind, it was a general purpose tool being awkwardly stretched to fit a very personal situation.

When Amico's founders were first trying to work out how to handle the repayment side of family lending, direct debit authorities were the obvious starting point simply because there was not really anything better available. It quickly became clear that this was not going to be good enough for what family and friends actually needed.

Seconds, not days

Amico Repay, built on open banking, has effectively superseded that entire process. What used to take a three day turnaround with manual paperwork now happens within seconds. There is no waiting period, no physical form, and none of the default fees that made direct debit authorities frustrating and occasionally costly for everyone involved.

Getting to this point required a genuine investment, building directly into open banking infrastructure rather than relying on older, clunkier systems, and being among the first in this space to do so for family lending specifically. That investment was worth it because of what it saves customers on the other end.

Real savings, not just convenience

The benefit here is not just about speed and convenience, although both matter. It is about avoiding costs that used to sit quietly on top of an already generous decision to lend money to someone you care about. Removing direct debit fees and default charges means more of that generosity actually reaches the person it was intended for.

How Amico helps

Amico Document creates the loan agreement itself, and Amico Repay then uses open banking, not old style direct debit authorities, to set up automatic repayments within seconds rather than days. The result is a system built specifically for family lending, rather than a general finance tool stretched to fit a very personal situation.